AMID the rise in trade-restrictive measures and geopolitical uncertainties, the Philippines is ramping up its efforts to forge more free-trade agreements to expand its market access and diversify markets beyond traditional partners.
Meanwhile, one of the major beneficiaries of the free-trade deal with South Korea is the banana industry, as the tariff rate for bananas will be reduced to zero in five years. “This will complement the Asean Korea FTA and the RCEP Agreement. Our banana industry will also mainly benefit from this FTA as the tariff rate for bananas will be reduced to zero in five years from effectivity,” said the Trade official.WHAT Gepty considers “another milestone” in the Philippine international trade policy landscape in 2024 is the resumption of talks for the Philippines-European Union Free Trade Agreement.
As to the sectors that the 27-member bloc is setting sights on in the Philippines, Dombrovskis recognized that “the Philippines is also an important producer of a number of critical raw materials, such as nickel, copper and chromite, all of which are vital for the green transition.” However, he explained anew that if the Philippines reaches upper-middle income status and maintains it for three consecutive years, it would lose its GSP+ benefits.
“There’s really no delay . It’s just…there are so many products. We also have a lot of products that we want to export to them,” Roque said. “The CEPA with Chile presents significant benefits for the Philippines, including enhanced market access for key exports, increased consumer welfare with lower prices of goods, and facilitative rules of trade. Strengthened economic ties with the Latin American region is also expected,” DTI said.
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